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Arabian Business
3 days ago
- Business
- Arabian Business
Investors from across Asia flock to Saudi property market as kingdom readies for 2026 foreign ownership reforms
High-net-worth investors from Greater China, Southeast Asia and the Islamic world are driving a surge in foreign interest in Saudi Arabia's newly opened property market. Last month, the Saudi government approved the highly anticipated foreign ownership law for real estate investors. It is expected to take effect in January 2026. The early wave of international buyers consists primarily of wealthy individuals and family offices with religious, cultural, or business ties to Saudi Arabia, attracted by luxury developments in Riyadh and Jeddah and the prospect of owning property in the holy cities of Makkah and Medina. The investor influx comes as Saudi Arabia implements sweeping reforms allowing foreign ownership of residential property for the first time, requiring a minimum investment of SAR 4 million ($1.07 million). More than 40,000 applications for Premium Residency permits have been received in just 18 months, with 8,074 permits issued in 2024 alone. 'Saudi Arabia is inspired by the Dubai and Abu Dhabi playbook. They are combining major policy reforms with massive real estate development,' Kashif Ansari, co-founder and Group CEO of property portal Juwai IQI, told Arabian Business. 'With new laws allowing foreign ownership, a pipeline of ultra-modern projects like NEOM and The Red Sea, and a significant pricing advantage, we think the Kingdom will emerge alongside its neighbours as a major destination for real estate investment.' The Kingdom expanded its Premium Residency program from two to seven categories last year, including options for exceptional competence, talent, business investors, entrepreneurs, and real estate owners. The largest share of permits – 5,578 – went to the 'exceptional competence' category, followed by 348 'talent' permits. Regional ambitions Dubai's success as a foreign property investment destination has generated $121 billion in foreign-owned property, while Abu Dhabi attracts $1 billion in new inbound investment every six months, providing a roadmap Saudi Arabia aims to replicate with its larger economy and more abundant land. 'There has been a visible uptick in international enquiries, especially from buyers in Greater China, Southeast Asia, and the broader Islamic world,' Ansari said, noting strong appetite among Muslim buyers seeking properties in Makkah and Medina. Foreign residential investment is expected to reach $1.22 billion this year, nearly double the SAR 2.5 billion ($670 million) in net commercial real estate foreign direct investment recorded in 2023, Ansari said. Riyadh and Jeddah are the primary targets for international buyers, along with flagship developments like Diriyah Gate and Laheq Island. Property prices in major cities remain attractive compared to regional competitors, with projects in Riyadh and Jeddah priced at approximately $123 and $100 per square foot respectively. The luxury and upper mid-market segments are seeing the strongest activity from individual buyers. The Premium Residency program offers substantial benefits to foreign investors, including permanent or time-limited residency for families, visa-free entry and exit, exemption from expatriate levies, and the ability to work in the private sector without sponsorship. Notably, residents can obtain usufruct rights to properties in the holy cities of Makkah and Medina for up to 99 years. Challenges remain However, challenges remain in fully opening the market. 'Buyers still seek clarity on mortgage availability, registration procedures, repatriation of funds, financing, legal protections, and new paths to residency,' Ansari noted, adding that Saudi Arabia will likely need to introduce more accessible visa options to unlock broader foreign demand beyond ultra-high-net-worth individuals. The property market opening aligns with Saudi Arabia's Vision 2030 economic diversification strategy, which aims to raise homeownership among Saudi citizens to 70 per cent while attracting foreign investment. According to Ansari, both goals are compatible. 'By concentrating on foreign ownership in designated zones and by letting it gradually increase, the government can protect affordability in neighbourhoods for locals.' The early wave of foreign buyers consists primarily of high-net-worth individuals and family offices with religious, cultural, or business ties to Saudi Arabia. Many are seeking early access to a market expected to see significant development, diversification opportunities, and premium lifestyle offerings. Looking ahead, luxury residential and branded community developments offer the highest potential returns over the next five years. Mega-projects like NEOM – a futuristic city being built in the northwest – and The Red Sea development could yield substantial capital appreciation as they near completion. However, risks include potential construction delays, policy implementation challenges, and global economic volatility. 'The Kingdom must maintain investor confidence with consistent rules and steady progress towards opening for investment,' Ansari warned. Saudi Arabia's strategy includes leveraging major international events to showcase its economic potential. The Kingdom's significant investment in sports, intended to contribute 10 per cent of GDP by 2030, is expected to attract 'sports tourists' who may eventually become property buyers. Rather than competing directly with the UAE, Saudi Arabia is positioning itself as complementary to the regional market. 'Each Gulf market has its own unique appeal, and together they create a critical mass of opportunity, confidence, and infrastructure that makes the entire region more attractive to global investors,' Ansari explained. The Kingdom ranks third among G20 nations in security indicators and aims to place three Saudi cities among the world's top 100 places to live, further enhancing its appeal to international residents and investors.
Forbes
4 days ago
- Business
- Forbes
Best Practices For Luxury Villa Managers On The French Riviera
Johan Hajji, Cofounder & Co-CEO at The BnB Group. Passionate about property management, real estate investment, proptech & business growth. For luxury villa managers operating in the Côte d'Azur, or French Riviera, providing a top-tier experience matters more than ever. That's because for property owners, buying a luxury property in the French Riviera isn't just a real estate move; it's a lifestyle decision. Owners expect ease, comfort and a flawless experience. Many also view these properties as long-term investments and family assets. Well-located villas can bring in significant annual yields from seasonal rentals, and managing these properties well is critical to preserving their value. As a co-founder of two companies specializing in Airbnb property management, I've spent years seeing firsthand how global demand continually boosts the luxury property market on the Côte d'Azur. Through working closely with hundreds of property owners from Paris to Geneva, I've also learned what attracts international buyers and keeps this region thriving—and what villa managers and property management firms need to keep in mind to position themselves for success. Understanding The Market: What's Driving Demand From Nice to Saint-Tropez, the French Riviera is home to one of the most consistently in-demand luxury real estate markets anywhere in the world. Bloomberg reported that prices of properties valued over 15 million euros along the French Riviera grew 15% to 20% between 2018 and 2023, outperforming property price gains in London. "The increase has been driven by a resurgence in international buyers after the pandemic, especially those from the US and Middle East seeking second homes from where they can work," Bloomberg also said. In my experience, some of the most-wanted properties are luxury villas with sea views, privacy or a bit of Riviera history, often in places like Cannes, Nice, Antibes, Saint-Tropez and Saint-Jean-Cap-Ferrat. Ultra-luxury estates are typically valued anywhere between 18 million and 30 million euros, according to Beauchamp Estates, a luxury real estate agency with offices in the French Riviera. Best Practices For Managers A villa manager's job isn't just to keep things running smoothly. They also help with regulations, permits, rental laws and bookings, all while maximizing occupancy and rental income. What this means for villa managers is that luxury management is not just about upkeep anymore. It's about delivering five-star service in a private home setting. Privacy must be a priority. Many owners are celebrities, CEOs or public figures. They need staff and service teams who understand discretion. Everything has to look and feel perfect. Villas must be spotless. Pools need to sparkle. Gardens should look like they're straight out of a design magazine. Interiors may range from classic provençal to sleek modern minimalism—but everything needs to be kept at a luxury level. Service should be personal. Great villa managers take care of more than just the property. They book yachts, arrange private chefs, plan events and coordinate with wellness teams. It's about making sure the owner or guest never has to think about logistics. Smart, Sustainable And Ready To Rent In 2025, I'm finding that many people are seeking properties that are eco-conscious and tech-friendly. That's changing what management companies need to offer. Features like solar panels, rainwater systems and energy-efficient upgrades are no longer rare; they're often expected. Many owners and renters of these properties want to know the property is not only beautiful but also responsible. Smart technology is just as important. Villas need systems that allow remote control of lighting, security, heating and pool systems. People who invest in these properties often expect to monitor and manage them from wherever they are in the world. Key Challenges And Where The Opportunities Lie Buyers are more selective than ever. Today's clients don't just want space and a view. They want design, amenities, privacy and a smooth experience tailored to their lifestyle. A smart manager knows how to deliver that by working with top local vendors, keeping standards high and anticipating what the client wants next. New properties are hard to find. In 2024, new residential construction and building permits along the Riviera reached their lowest. That's made well-maintained older villas more valuable. Managers who can modernize properties without losing their charm can help property owners turn them into profitable rentals. Insurance costs could go up. Experts have warned that insurance costs could increase in France due to climate change risks. Savvy managers can help control costs by locking in smart service contracts, doing preventive maintenance and upgrading homes to be more efficient. What The Best Firms Do Well In my view, the firms setting the bar are those that don't just show up after the sale; they're involved from the beginning. They help investors choose the right property, figure out renovation potential and make sure everything is in line with local laws. Once the deal is done, managers handle everything: finding and training staff, setting up utilities, handling bookings, styling interiors and managing events. They also know how to add luxury touches without turning the property into a hotel. Think private yoga retreats, wine tastings, spa services and seasonal art collections—personalized, quiet luxury. The most effective firms and managers also have local knowledge. They know the plumbers, landscapers, security firms, city officials and event planners. That kind of access saves time, cuts costs and solves problems fast. Looking Ahead As we head through the year, I believe the outlook for luxury villa management looks strong. Financing is becoming more affordable, and the rental market is still hot, thanks to steady tourism and demand from long-stay travelers and international families. What this means for luxury villa managers is simple: Providing top-tier, professional management is key. In 2025, the stakes are higher, but so is the reward. Managing a luxury villa in the south of France used to mean checking the mail and calling the gardener. That's not the case anymore. Today, it's about creating a fully serviced lifestyle, protecting a valuable asset and making sure everything runs like a world-class business. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
CTV News
02-08-2025
- Business
- CTV News
Why some Canadians are buying second passports in the Caribbean, according to experts
Cabrits National Park is seen here in Portsmouth, Dominica. (Pexels) Canadians are increasingly exploring citizenships through real estate investment – not for better visa access but for lifestyle, flexibility and future security, according to experts. Five countries in the eastern Caribbean are no longer marketing their endless beaches as the only selling point. Instead, the drive to get citizens abroad to purchase a home or make a donation in exchange for a passport has been a popular trend. Islands that offer citizenship by investment (CBI) programs include Antigua and Barbuda, Dominica, St. Kitts and Nevis, St. Lucia and Grenada. Eric Major, CEO of Latitude Consultancy, a U.K.-based global firm that specializes in citizenship and residency-by-investment, explained to that the Caribbean's CBI program first launched in St. Kitts and Nevis in the mid-1980s and has matured into pathways for acquiring second citizenship. These programs typically allow applicants to either invest in government-approved real estate or make a donation to a national fund. 'Canadians and Americans seem to be favouring the real estate route,' said Major. 'It's actually a place they wouldn't mind spending time in.' According to Major, clients have to disclose a lot of information about them. 'You have to hire a licenced firm like ours,' he explained. 'The application is four inches thick. It includes (a) medical exam, background checks, proof of funds and now even an interview to confirm identity.' Major said the government takes three to nine months to review before making a decision to approve or deny an application. In this process, a due diligence firm is hired to validate the applicant's information. Once approved, applicants must complete their investment – which usually has a minimum threshold and ranges between US$270,000 to US$300,000 for real estate – before receiving their certificate of registration and ultimately a passport. While there have been concerns with the idea of 'buying citizenship,' Major said these programs are a vital economic tool for small island nations. 'In some cases, it accounts for as much as 50 per cent of their GDP,' he noted. 'The reality of these islands is that, other than tourism, there's very few things that they could offer to generate economic activity,' Major said. For most global applicants, this process results in a better passport. Major said most of the applicants for these programs come from countries with poor passports in terms of visa-free travel. 'The Caribbean passports offer visa-free travel to 150-plus countries, including the EU, U.K. and Singapore,' Major said. 'That's appealing if you're from countries like Nigeria, Pakistan or Vietnam.' But Canadians are different. 'Canadians already have strong passports,' Major said. 'So, their motivations are usually one of three things: lifestyle, tax planning or a Plan B (like) security if things become unstable at home or abroad.' Jennifer-Harding-Marlin, a licenced citizenship-by-investment lawyer with JH Marlin Law based in St. Kitts and Nevis, said, 'There's a lot of Canadians and Americans that are looking to get another citizenship. More people are looking for a holiday destination that's outside of traditional Florida or Cuba. Countries in eastern Caribbean are becoming more popular.' No legal red tape For Canadians considering CBI programs in the Caribbean, there's no legal red tape when it comes to holding multiple passports. In fact, Canadian law permits dual and multiple citizenships without restrictions. Major said the federal government doesn't limit the number of nationalities a citizen can acquire, which makes programs like those offered by these five Caribbean nations appealing for Canadians looking for a lifestyle upgrade, an offshore home or a backup plan in uncertain times. Where Canada does take notice is the realm of taxation, Major said. 'Having a passport doesn't make you a taxable person. What makes me liable for tax in Canada is if I spend a certain amount of time there, typically six months or more.' Red flags might be raised by the federal government if individuals maintain bank accounts, driver's licences or other personal ties in the country, Major explained. Harding-Marlin said citizenship by investment and residency by investment are two different routes. Residency by investment (RBI), also known as 'golden visas,' allows foreign nationals to obtain legal residence status, not full citizenship, in a country by investing in real estate, businesses or government bonds. 'It's important to get proper tax advice when deciding to relocate or changing your tax status,' she said. New Caribbean measures According to the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), a new draft legislative framework proposes a minimum 30-day physical presence requirement for successful applicants within the first five years of acquiring their citizenship. The rule, released July 1, would apply to all five participating countries. If an applicant or citizen does not meet the 30-day requirement without a valid reason, the country can charge them a fine of up to 10 per cent of their investment amount and start the process to take away their passport following that country's laws, the proposal said. Canada's investment immigration Major said Canada should look into bringing back investment-based citizenship programs. 'With this world of visas, including passports, golden visas and investment visas, there's a lot of developments happening there,' he said referencing Caribbean programs. 'We're hopeful that Prime Minister Carney is going to revitalize the old Canadian Immigrant Investor Program.' The program, which allowed wealthy individuals to gain permanent residency in exchange for significant financial investment, was scrapped in 2014 under a previous government. But Major believes renewed interest in the wake of geopolitical alliances, trade tensions and economic uncertainty could put pressure on Ottawa to re-enter the space. Major added that the demand for second citizenships is no longer driven by emerging markets. 'Our number one source of market for second citizenship is Americans,' he said, calling the sector 'a growing industry (with) lots of interesting developments.' Harding-Marlin said it could bring in revenue and attract wealthy individuals, business owners and experts in their fields. 'Canada could potentially seek the benefits that other countries are seeing through their citizenship investment programs,' she said.
Yahoo
22-07-2025
- Business
- Yahoo
Blackstone's $583M Paris Power Play Could Reignite Europe's Office Market Boom
Blackstone (NYSE:BX) is going big. The firm is lining up a 500 million ($583 million) loanthe largest of its kind since rates spiked in 2022to back its 705 million purchase of the Trocadero office complex in central Paris. It's a bold test of whether Europe's commercial real estate market is truly back in business. The loan, arranged by CBRE, would mark a turning point for a sector that had largely been frozen out of big-ticket transactions after interest rates shattered valuations and remote work cast a long shadow over office demand. Warning! GuruFocus has detected 4 Warning Signs with BX. But things may be shifting. Prime office rents in the Greater Paris region have jumped 14% in the past year to 1,170 per square meter. Leasing activity is also heating up in Frankfurt, where office take-up reached a record 366,000 square meters in the first half of 2025, according to BNP Paribas Real Estate. With supply tight and demand for top-tier space holding firm, institutional buyers are stepping back in. Blackstone beat out stiff competition for the Trocadero asset, and now others are following suit. Invesco is prepping a 1 billion sale of Capital 8 in Paris, while GIC and JPMorgan's asset arm are marketing Frankfurt's Opernturm for 900 million. This could be the start of something bigger. For nearly two years, the market has been stuck in a stalemate: sellers anchored to pre-rate-hike pricing, buyers waiting for capitulation. But now? Lenders are engaging again. Trophy buildings are trading hands. And with investors betting on long-term rent growth in gateway cities, deals like this one could be the spark that re-ignites Europe's commercial real estate engine. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
03-07-2025
- Business
- Yahoo
Pacolet Milliken Announces Promotion of Brent Abbott to Head of Real Estate
GREENVILLE, S.C., July 3, 2025 /PRNewswire/ -- Pacolet Milliken is pleased to announce the promotion of Brent Abbott to Head of Real Estate. Mr. Abbott has been with Pacolet Milliken since 2015. He previously served as EVP and Head of Investments for Pacolet's Real Estate Division where he was responsible for leading a variety of real estate investment and capital markets transactions, including asset acquisitions, joint ventures, structured financial transactions, and asset financings. During his tenure at Pacolet, Mr. Abbott has led real estate transactions representing over $400 million of equity invested. Prior to joining Pacolet Milliken, Mr. Abbott held capital markets and investments roles at Forest City Ratner and The Richman Group. In his new role, Mr. Abbott will be responsible for guiding strategy and execution for Pacolet's national portfolio of real estate investments, with a primary focus on the multifamily, industrial, and self-storage product types. Mr. Abbott will continue to manage key relationships within Pacolet's network of real estate and financial partners. ABOUT PACOLET MILLIKEN Pacolet Milliken, LLC is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC., Pacolet is a family-owned investment firm that owns and manages a diverse set of power & infrastructure and real estate assets located across the United States. Pacolet Power & Infrastructure Division owns a diverse set of power, renewables and infrastructure assets, including a regulated electric utility (Lockhart Power), an industrial utilities company (Bushy Park) and a substantial solar, landfill gas and waste-to-energy portfolio. Pacolet Real Estate Division has a national portfolio of industrial, multi-family, office, and retail properties, and currently focuses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which it operates and to be a steward of the environment from a generational perspective. View original content to download multimedia: SOURCE Pacolet Milliken LLC Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
